SME Times News Bureau | 06 Apr, 2021
Pharma major Glenmark Pharmaceuticals Ltd will be utilising the $40
million loan from International Finance Corporation (IFC) to refinance
existing debt and for capital expenditure.
Glenmark is having a good presence in generics, over the counter and specialty drugs.
The IFC has committed an unsecured loan of $40 million to the company.
about the deployment of the loan fund a company spokesperson told IANS:
"The $40 mn loan will be utilized to refinance existing Foreign
Currency Convertible Bonds (FCCBs) and capex funding."
The IFC in 2016 had invested in convertible debt of $75 million in Glenmark for expansion project.
According to the Glenmark spokesperson, IFC had subscribed to the company's FCCB for a principal of $75 million.
"The FCCB's have maturity in June 2022 and are not yet converted," the official said.